INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2015

Differentiation between Federal Statutory Tax Rate and Effective Tax Rate

The following table accounts for the differences between the federal statutory tax rate of 35% and the Company’s overall effective tax rate:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Statutory provision		35.0	%		35.0	%		35.0	%		35.0	%
State taxes, net of federal benefit		0.6	%		0.8	%		0.6	%		0.4	%
City taxes		—			0.1	%		—			0.1	%
Foreign effective tax rates different from US statutory rate		(11.3	)%		(15.3	)%		(12.0	)%		(14.0	)%
Tax reserve		—			—			0.1	%		(0.5	)%
Valuation Allowance		—			1.0	%		0.3	%		1.0	%
Effective Income Tax Rate		24.3	%		21.6	%		24.0	%		22.0	%

Minimum Alternate Tax (MAT)

Expiration Years of Minimum Alternate Tax Credit

Year of Expiry Of MAT Credit	Amount in USD (in millions)
2017-18		0.20
2018-19		0.27
2019-20		0.98
2020-21		1.63
2021-22		1.94
2022-23		6.02
2023-24		7.12
2024-25		7.51
2025-26		3.08
Total		28.75
Less: valuation allowance		(1.59	)
Total (net of valuation allowance)		27.16